4 Inquiries

4 Inquiries

I have 4 Inquiries in the past two years..When is it safe to apply for a new card?my AAOA is 9 Months and my oldest card is 11 Months. I was going to hold off from applying for new cards until May which is a month after my secured card turns one year.Here are my inquiries;

Re: 4 Inquiries

As far as inquiries go I think you're fine. They don't factor into your FICO score after 1 year although they remain on your CR for 2 years. I agree that you should wait until your WF card hits a year before applying. What cards are you interested in?

Re: 4 Inquiries

Charge cards don't report a limit and don't factor in to utilization; additionally, you have to pay in full (helps build discipline if you need), and some find great value in the benefits some of the cards offer.

OP - I am borderline on approval with your length of history being short, but I do feel the others saying you'll get it are probably right. If you don't have to have it now, waiting until that one year mark hits may better secure your chances.

Re: 4 Inquiries

what is the point of a AMEX charge card? if it doesnt report a CL? is it just so you can get your foot in with them and then get a revolver? Havent quite gotten the point of having one. Thanks

Pretty much that.

And the rewards. Certain charge cards like the Platinum and premier rewards gold have very nice benefits if you travel (free hotel upgrades, etc).

to the OP:

Wait till your WF hits 1 year. Ask them to unsecure it. WF is pretty easy to work with as long as your account status is good. Then feel free and apply for other cards. I don't think you will have any issues getting amex charge cards.

Before you apply, check your scores (even if its FAKO) to see which ballpark you are in right now so you can guesstimate your chances.

I think the green, gold and platinum have very similar requirements with the exception of different income levels requirements

Re: 4 Inquiries

I personally think that if your score is 680 or so you can get in with Discover. If you are 700+, I think, even without a year, you will be approved (low limit). I would probably avoid banks like Citi and BofA as they tend to be prudish about lending. Do you bank with Chase? You can try for a freedom if you bank with them and they are likely to approve with maybe a 500 or 1000 limit. I think you have a good shot.

There's a few people here who were approved at 6 months going the secured route and no baddies on report. Your inquiries don't matter much after 6 months.

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IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.